Reach Subsea will keep an Olympic Subsea vessel on charter for at least another three years.
The Haugesund-based, Oslo-listed company announced on Monday that it would hold on to the 4,823-dwt Olympic Triton’s (built 2007) until 2026, with two one-year extension options.
“The strong market growth for subsea services is expected to continue for many years, with thousands of new offshore wind turbines to be installed and serviced, and increasing activity in the traditional oil and gas sector,” Reach chief executive Jostein Alendal said.
He described the terms as “attractive” and said the agreement would allow the company to continue leveraging the improving market.
Reach has had the Olympic Triton on charter since February, employing the ship on an unnamed renewable energy project in northwest Europe.
Jostein said the company has been impressed with both the ship’s performance and Olympic Subsea’s management.
“We are very happy to further build on our long-standing fruitful cooperation,” he said.
“The structure of the contract implies limited risk and a good upside for both Reach Subsea and Olympic and includes a portion of profit sharing between the two parties”.
Automatic identification system data shows the vessel approximately 35 km (19 nm) west of Saint-Nazaire, France.
The location appears to be the location of the Saint-Nazaire Offshore Wind Project being developed by Canadian energy outfit Enbridge and French utility EDF Renouvelables.
The project calls for the installation of 80 turbines to provide 480 megawatts of electricity to serve roughly 400,000 homes.
The Olympic Triton is one of three vessels Reach has on charter from Olympic Subsea, including the 4,925-dwt anchor-handling tug supply vessel Olympic Zeus (built 2009) and the 3,100-dwt inspection, maintenance and repair vessel Olympic Delta (built 2015).
